The accounting profession is evolving rapidly. Accountants today have skills and resources that accountants three to five years ago only dreamed of. With technology and software solutions evolving so rapidly, the future of accounting may be very different from the reality we see today. In this blog post, we are going to explore what the accounting industry will look like in a few years time.

Cloud accounting is the future of accounting

The cloud offers the accounting industry a new way of doing business. No longer are accountants desk-bound, reliant on on-site software, data, and solutions. Instead, all application functions are performed off-site and businesses are no longer responsible for installing and updating their software. New research carried out byHarvard Business Review Analytic Services reported that 74% of businesses feel like cloud computing has given them a competitive advantage allowing them to “capitalize on opportunities more quickly than competitors” Cloud accounting offers accountants significant advantages including:

On-demand service: Financial reporting can now take place in real time, allowing accountants to immediately respond to clients’ demands and requests.

Increased collaboration: Cloud technology has enhanced collaboration between accountants and their clients in ways that were previously unheard of. Not only can accountants access, edit and share documents anytime, from anywhere, but cloud-based workflow and file sharing apps allow them to make updates in real-time, giving everyone full visibility of their collaborations.

The growth of business advisory services

Clients are demanding more from their accountants. Gone are the days when accountants simply update ledgers and submit tax returns. Now accountants are expected to offer business advisory services. The aim of these services is to position accountants as trusted advisers and help grow stronger professional relationships with their clients. These types of services can range from forecasting services to financial management services to succession planning services and are where the future of accounting lies.

The need for a mixture of skills

The clients of today are millennial customers. Millennials make up the biggest buying force in the world and have $200 billion in annual buying power in the US alone. Millennials want to be part of conversations with businesses and53% of them believe companies should offer more ways to share their opinions online in the future. They spend an average of25 hours per week online and they’re looking for content-driven media from websites to blogs to social media. As the marketplace becomes more competitive, accountants need to differentiate themselves and provide compelling content to attract and engage millennial customers. Forward thinking accounting companies are embracing inbound market skills in order to do this and turning to social media and the online space to generate greater business exposure.

Using technology to attract the younger generation

In order to attract the younger generation of professionals, accountants need to embrace the latest mobile technology and software solutions. The future of the accounting industry is mobile and accounting firms need to accommodate this if they want to move with the times and embrace the growing trend of off-site working. Mobile accounting solutions give accountants the freedom to work away from the office and respond to client requests immediately. Instantly available real-time data guarantees accurate financial reporting and ensures multi-company transactions take place more efficiently.

Accounting firms that use the latest technology solutions will not only attract a forward-thinking workforce but will also attract customers who are equally drawn to the efficiencies that mobile technology brings. Accounting firms that have their own firm-branded app will attract mobile smartphone users who will make up80% of the world’s population by 2021. People are already spending86% of mobile time on mobile apps and this is only expected to increase going forward. Banks are already embracing this trend and seeing a“dramatic increase” in the number of people using mobile apps to do their banking and fewer people using the computer or coming into branches.

Companies likeEasier Accounting are already tapping into the future of accounting and putting the very latest business trends and accounting solutions into practice. The result is a range of flexible online accounting services that help businesses improve productivity and enjoy significant cost and time-saving advantages.

For more information about the top trends affecting the business and finance world in 2017, download our guide:

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